Theres not much info about the console version, mainly because in order to play it you need a dev console, so its not publicly available like the PC version is. (I know they're working on it, occasionally in the release notes there'll be 360 or PS3 specific code changes, but probably more serious focus on it won't happen until later when the whole game is more complete.)
As far as release date, I'm assuming around the same time as PC, and will most likely have the SETA tire model that was rolled out to PCs recently (but maybe not the dynamic tire carcass that PC will have, but last time I peeked in the relevant threads it looked like they were working on something promising in that regard too, probably won't know for sure until the PCs get the dynamic carcasses [probably not until the STM is more complete].)
As far as release date, I'm assuming around the same time as PC, and will most likely have the SETA tire model that was rolled out to PCs recently (but maybe not the dynamic tire carcass that PC will have, but last time I peeked in the relevant threads it looked like they were working on something promising in that regard too, probably won't know for sure until the PCs get the dynamic carcasses [probably not until the STM is more complete].)